“What we think about when we’re thinking about investment is time horizons,” Schoenstein told CNBC.

“If [investors] have the right time horizons, there are opportunities out there, even with some of the subdued things we’re hearing.”

Schoenstein favors the health care and technology sectors, in addition to companies with strong international exposures, fueled by emerging economies. (Scroll down for his full stock picks.)

Smith's View: 'Another Up-Cycle'

In the meantime, Smith said the key for markets going forward will be determined by earnings in 2011.

“Since April, we’ve seen earnings estimates begin to trail off. We’re using $85 number for this year; if we can get to $90 next year, you put a 14 multiple on that, this market can move 15 percent higher.”